Earnings Per Share

9 Months Ended

Sep. 30, 2016

7. Earnings Per Share

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include common shares related to SOSARs and non-vested stock awards (collectively “stock awards”). Stock awards are excluded from the calculation of diluted EPS in the event they are subject to performance conditions or are antidilutive. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an antidilutive effect.

The following stock awards were excluded from the calculation of diluted earnings per share:



	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Stock awards subject to performance conditions		226		216		276		282
Stock awards that were antidilutive		1,356		320		1,312		267
Total stock awards excluded from diluted earnings per share		1,582		536		1,588		549

The following table sets forth the computations of basic and diluted earnings per share:



	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016		2015
Net income	$	7,799	$	144,883	$	6,963	$	407,728
Shares:
Weighted average number of common shares outstanding		29,063		31,187		29,387		31,115
Dilutive stock awards		108		361		405		441
Diluted weighted average number of common shares outstanding		29,171		31,548		29,792		31,556
Basic earnings per share	$	0.27	$	4.65	$	0.24	$	13.10
Diluted earnings per share	$	0.27	$	4.59	$	0.23	$	12.92